SMF has been busy. This posted on SH.
Cousin Gert posted this earlier today on the EET board.
Where is the SMF/EET release?
afdb.org
Press Release [No. SEGL3/B/71/02]
THE AFRICAN DEVELOPMENT BANK APPROVES A US $12.5 MILLION LOAN
TO LIPTAKO S.A. MINING COMPANY (SML SA) TO FINANCE THE SAMIRA HILL-LIBIRI GOLD MINING PROJECT IN
NIGER
ABIDJAN, 9 OCTOBER 2002 - The African Development Bank (ADB) has approved a loan of US$ 12.5 million to Liptako
S.A. Mining Company (SML SA) to finance the Samira Hill-Libiri gold mining project in Niger. SML SA is a limited liability
company governed by the law of Niger and established in December 1999 between the Government of Niger (20%) and the
African GeoMin Mining Development Corporation, AGMDC (80%), controlled by ONA of Morocco and Etruscan Resources
Inc. of Canada.
The Project concerns the production of gold for export through the development of the adjacent Samira Hill and Libiri gold
deposits. It involves the construction, at Tiawa, about 130kms to the west of the capital Niamey, of a gold mine and a
processing plant. The project comprises the construction of a mine, a carbon leaching process capable of processing up to
6,000 tonnes of ore daily. Substantive infrastructure facilities will be put in place such as access roads, landing strip,
surface water dam, storage reservoir, electrical production and distribution equipment.
To the benefit of local population, substantial community development and rural support activities are to be undertaken
under the project, including the supply of quality drinking water, electricity, construction of roads, access by communities
to basic medical care and communication facilities. At the national level, the project will promote the diversification of
mineral production activities in Niger as well as the acquisition of technical skills and know-how in a sector of prime
importance for the country.
The project will contribute substantively to economic growth in Niger, and represents the most relevant industrial
development occurring in Niger at present. The project is consistent with the ADB poverty reduction efforts, and
emphasizes the need for integration of social dimensions in private sector operations.
ADB Group operations in Niger started in 1970. To date, the Group has committed a total of US$ 410.58 million on 47
operations. Of this amount, about US$ 193.19 million have been disbursed. The Samira Hill-Libiri Gold Project constitutes
the first direct investment by the Bank in the private sector of Niger.
· 1UA = US$ 1.32269 as at October 1st, 2002
· 1UA = CFA F 879.947 as at October 1st, 2002 |
